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## WESLEY’S CHAPEL AND LEYSIAN MISSION REGISTERED CHARITY NO: 1137321
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## CITY ROAD CIRCUIT IN THE LONDON DISTRICT , OF THE METHODIST CHURCH Circuit No. 35/1
TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
## WESLEY’S CHAPEL AND LEYSIAN MISSION
|Contents||
|---|---|
||Page|
|Trustees’ Report|2-15|
|Auditors’ Report|16-19|
|Statement of Financial Activities|20|
|Balance Sheet|21|
|Statement ofCash Flows|22|
|Notes to the Accounts|23 — 40|
|StatementofIncomeandExpenditure(General)|41|
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## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees present their report and audited accounts for the year ended 31 August 2023, which comply with the Charities Act 2011 and have been prepared in accordance with Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The nameofthe Charity is Wesley’s Chapel & Leysian Mission. It is the City Road Circuit in the London District of the Methodist Church; Circuit number 35/1.
## Background
Wesley's Chapel & Leysian Mission is a thriving Methodist congregation and charity in the heart of London with a full programme of services and events throughout the week. The site is a complex of Georgian and Victorian buildings located in a fine Georgian courtyard near the financial district of London. John Wesley’s chapel, his house and the Museum of Methodism are all on site for visitors to see,
The charity was registered as a charity on the 6" August 2010; registered charity number 1137321.
Registered address 47,47a & 49 City Road, London EC1Y 1AU
## Trustees
The following are the Trustees of the registered charity who served during the year and were the legally named Trustees at the date that this report was approved: -
Ex-officio/Clergy Jennifer Smith - Chair Steven Cooper Jongikaya Zihle
Property Trustees Jerry Abankwah Samuel Appiah-Anderson Louis Colley Kingsley Kissi Cheryl Gurnham (resigned October 2023)
Finance Trustees Peter Forward - Treasure//Gift Aid Secretary Ebenezer Jojo Annan Stephen Ludlow Ruth Lythe Sylvester Mbeah Welbeck Achiampong (resigned October 2022) Kofi Agbolegbe (resigned October 2022) Stella Eastwood (appointed October 2022)
## Mission Trustees
Josh Snape — Senior Circuit Steward Sagan Daniels Louise Harding-Murray Barnabas Masukume Gavin Sutter Betty Maynard (resigned October 2022) John Offeh (resigned October 2022) Udo Oleforo (resigned October 2023)
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## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
## Reference and administrative details
|District Chair|The Revd DrJongikaya Zihle|
|---|---|
|Ministers|The Revd Canon DrJennifer Smith (Superintendent)|
||The Revd Steven Cooper (foApril2024)|
|Associate ministers|The Revd John Cooke (Supernumerary)|
||The Revd Paul Hulme (Supernumerary)|
||The Revd Dr John Lampard (Supernumerary)|
||The Revd Stephen Penrose (Supernumerary)|
||The Revd lan Yates (Supernumerary)|
|Lay workers|Thomas Smith (Leysian Missioner)|
||Erick Hunter (Global Mission Fellow) — to June 2023|
||Jessy Mhone (Global Mission Fellow) —from January2024|
|Museum|Christian Dettlaff(Curator)|
||Gemma Smith (Learning & Community Engagement Officer) — to|
||July2023|
|Office & administration|Tracey Smith (Manager)|
||Ling Arzeian (Finance Officer)|
||Beatrice Omane (Administration Assistant)|
|Banking|HSBC Bank|
||1-3 Bishopsgate|
||London EC2N 3AQ|
||Lloyds Bank|
||60-64 Moorgate|
||London EC2R 6EJ|
|Solicitors|Pothecary Witham Weld 84|
||Eccleston Square, Pimlico,|
||London SW1V 1PX|
|Investmentmanagement|Epworth Investment Management Limited|
||9 Bonhill Street|
||London EC2A 4PE|
||Greenbank Investments Limited|
||8 Finsbury Circus
London EC2M 7AZ|
|Auditors|Clay Ratnage Strevens& Hills|
||Suite D, The Business Centre|
||Faringdon Avenue|
||Romford, Essex|
||RM38EN|
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## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
## Structure, governance and management
City Road is a Circuit of the’ Methodist Church in Great Britain and its constitution and policy are determined by that body’s Model Trust and Standing Orders. The Circuit has only one Church, Wesley's Chapel, having merged with The Leysian Mission in 1989. As a result, the same Trustees are members of both the Church Council and Circuit Meeting and always meet as one body in their capacity as Managing Trustees. Mission, Finance and Property matters are delegated to separate Committees of Trustees, which each report to the meetings of the Church Council/Circuit for any decision making. All major decisions of the charity are proposed to Trustees for consideration and advice. Responsibility for the day-to-day running of the Charity lies with the Superintendent Minister.
The appointment of Trustees is governed by the Standing Orders of the Methodist Church. New Trustees are appointed by the existing body of Trustees and the Circuit Meeting. Trustees are chosen from the congregation, and other known associates through recommendations. All Trustees perform their roles as volunteers. No Trustees receive any benefits in service to the Charity. All Trustees are inducted and referred to Charity Commission guidance on their roles and responsibilities. It is the policy of the charity to undertake a yearly training session for all Trustees.
Trustees plan to meet six times per year. Agendas and papers are circulated in advance of meetings, with formal minutes being circulated after each meeting.
## Key management remuneration
The charity undertakes yearly benchmarking of key management personnel remuneration compared to other circuits, churches and similar roles in the Greater London area. An annual appraisal process is undertaken of each staff member to provide feedback and assess their roles and performance. This is in line with Methodist Church operations, policies and practices, with the Board authorising final pay rates.
## Risk management
Although the full Trustee Board is responsible for managing risks they request the Property and Finance Committees, which have the most appropriate skills and experience, and the Superintendent Minister, who is also experienced in this area, to advise them.
We identify the longer term social and economic impact of the Coronavirus pandemic as a risk which is still ongoing and unquantifiable. A short to medium term risk identifed arises as a result of potential loss or delays in weekly cash income or donations. To mitigate this risk, the Charity is moving to encourage members and supporters to donate regularly by bank transfer and introducing other forms of giving.
A longer term risk identifed is the potential of reduced investment income. The charity has worked with Epworth Investment Management during the year, and will from 1 September 2023 work with Greenbank Investments, to minimise this risk.
At present, there are no other risks identified which are considered to be material, based on the combination of likelihood of occurrence and seriousness of impact were they to occur. However, the key risks noted include:
1. Damage to reputation: Incidents or events may damage or negatively impact the charity's reputation or operations (e.g. fraud, security, major incidents) Mitigation: e Preventative policies and procedures in place —notably safeguarding and supervision policies of the Methodist Church, and risk assessments for church activity.
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## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
- e Incidents, complaints and trends monitored by Trustees —in line with the complaints process of the Methodist Church.
- e Support available from Methodist Connexional team —notably the media office for engagement advice with media in a crisis, help in preparing press statements and other comments
2. Loss of key members of staff or ministers: Failure to recruit and retain required skills and talent to deliver our services and strategy. Mitigation: e Staff strategy and planning e Regular staff and volunteer meetings e Benchmarking of salaries and benefits e Policies and procedures © Specialist support from Methodist Connexional Team.
3. Reduction in congregation participation and attendance: The charity's income, activities and outreach may be impacted by falling congregational numbers or participation. Mitigation:
- e Specialist Trustees roles defined to ensure each activity and trends monitored e Financial reserves enable services and outreach to be maintained even if attendance fluctuates.
- e A full and active focus of every part of the church in evangelism and church growth, numerical and otherwise.
4. Receiving less funding or fewer public donations and offerings: The charity is reliant on voluntaryactivities. incometo support its activities, a reduction to which may negatively impact its Mitigation:
- e Annual budget is maintained and regularly reviewed. e Regular reviews of trends in giving are undertaken by Trustees. e Finance Trustees undertake financial awareness campaign to membership. e Financial reserves enable services to be maintained even if donations fluctuate.
5. Losing money through inappropriate investments: The charity holds various investment assets to ensure the long-term security of the Chapel premises, as well as to provide annual investment income to assist it in meeting its annual outgoings. Losing money through inappropriate investments would both affect its long-term security and the income generated from the assets. Mitigation: e Trustees have identified and agreed an investment policy which ensures that investment risk is widely spread and investments are readily realisable.
e A professional firm of investment managers has been appointed to carry out the policy. e Reviews of investment performance are received and reviewed by the Finance Trustees.
e Annual face to face presentation is made by the Investment Manager.
6. Variability of income from investments: The charity relies on receiving income from its investment assets to balance its budget. An unexpected variance in the level of this income could impact the charity's finances adversely. Mitigation: e Annual budget including identification of annual investment income targets. e Discussions held with Investment Managers to identify the relevant policy to achieve the targeted ‘Total Return’ year-on-year in line with identified risk appetites.
e Annual budgets are approved by the Board of Trustees.
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## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
7. Major damage to Chapel, Manse, Museum, an investment property or site: The charity's ability to operate effectively adversely and/or its income may be diminished. Mitigation: e Trustees undertake regular review of key risk issues relating to each type of property. e Compulsory independent quinquennial property inspections undertaken e All properties are fully insured and revaluations regularly reviewed. e Financial reserves sufficient to enable services to be maintained even in severe stress situations.
8. Theft of items or cash: The charity's income may be affected adversely, its assets damaged or its ability to display heritage items diminished. Mitigation: e Unbanked cash is maintained at a minimum and stored securely. e Excess bank balances are banked promptly. e Insurance cover is maintained for both cash and other contents, including heritage assets.
e Insurance cover is reviewed annually. e Surplus heritage items available to be displayed in place of lost items. e Financial reserves sufficient to enable services to be maintained despite losses.
Each of the risks are assessed on an annual basis by the Trustees, and are regularly monitored to ensure controls are in place and an effective risk plan is up-to-date. Policies and procedures are implemented and monitored against each risk. Any financial risks are reduced by regular review of the charity’s financial position and performance by the Trustees, monthly cash flow review, and by appointing designated Trustees with finance experience or interests to ensure the most efficient use of resources.
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the land, buildings, theft and investments, and are satisfied that systems are in place to control and mitigate their exposure to these risks.
Objectives and activities The calling of the Methodist Church is to respond to the Gospel of God's love in Christ and to live out its discipleship in worship and mission. Inspired by the calling, the aims are:
- ° To increase awareness of God's presence and to celebrate Gad’s love (worship) e To help people to grow and learn as Christians through mutual support and care (learning and care)
- @ To be a good neighbour to people in need and to challenge injustice (service) e To make more followers of Jesus Christ (evangelism)
The Trustees have considered the Charity Commission’s general guidance on public benefit and have taken it into account when reviewing the Charity’s aims and objectives and in planning for its future activities. In this respect, their objective is to advance the Christian religion in the City Road Circuit of the London District of the Methodist Church and in the wider world for the benefit of the public. The Trustees are satisfied that the aims of the Charity are carried out wholly in pursuit of its charitable aims for the public benefit.
The Circuit's more particular (and local) objectives are to promote and preserve Wesley's Chapel as well as to develop and support ministry among those experiencing deprivation in Inner London and elsewhere.
In pursuit of these aims and objectives, the Circuit's weekly programme is given on page 7. In addition, the Chapel and other buildings on the 49 City Road campus are an historic heritage site and the Circuit maintains a registered museum, consisting of the Museum of Methodism in the Crypt and John Wesley's House, both of which are open Tuesday to Saturday. Note 11b to the accounts gives details of the
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## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
contribution made to these activities by volunteers. The Museum has secured full accreditation through the Arts Council England.
Wesley's Chapel serves its near neighbourhood in a large variety of ways. The Stay and Play group serves young families, child minders and carers in the immediate neighbourhood, as do our uniformed organisation - Boys' Brigade and Girls' Association.
Wesley's Chapel is situated in an area with a huge number of voluntary sector organisations and many of them use our facilities. We also host a Carol Service for these organisations at Christmas and keep them in touch with activities at the Chapel through a regular email update. Wesley's Chapel also serves as the 'sanctuary' for a number of the local offices, when they have their fire evacuation alerts. The charity relies on the generosity of local volunteers in order to carry out its mission and contribute to the running of activities, including providing tours, working in the museum or by devoting time to weekly services.
## Weekly Programme
|Sunday|9:45am|Holy Communion (except first Sunday in the month)|
|---|---|---|
||11:00am|Morning Service & Sunday School|
||12.30pm|Wesley's Chapel Ghana Fellowship (last Sunday in the month)|
||5:00pm|Zoom Fellowship|
||5:15pm|Zoom Bible Study|
||6:00pm|Zoom Evening Prayer|
||7:00pm|Taizé Style Service (first Sunday in the month)|
|Monday|10:00am|Morning Prayer|
||2:00pm|Sisterhood|
|Tuesday|10:00am|Morning Prayer|
||1:05pm|Lunchtime Recital (except July, August, December)|
||6:30pm|Boys’ Brigade & Girls’ Association|
|Wednesday|10:00am|Morning Prayer|
||10:15am|Stay & Play (under 5’s term-time only)|
||12:45pm|Service of Holy Communion (30 mins)|
||6:00pm|Holy Club (young adults aged 18-35)|
|Thursday|10:00am|Morning Prayer|
|Friday|10:00am|Morning Prayer|
|Saturday|10:00am|Morning Prayer|
||5:00pm|Choirpractice(exceptSaturdayfollowingsinginginmorningservice)|
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## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
## Achievements and performance
2023 2022 No. No. Church membership — in October falling within the accounting year 446 446 Museum visitors — total during the accounting year 13,586 7,139 Set on the edge of the City of London, Wesley’s Chapel and Leysian Mission continues two and half centuries of Methodist commitment to this local neighbourhood, alongside a global welcome. People from all over the world gather in the congregation to worship God, learn, and grow together. Over eighteen thousand will visit the Museum of Methodism and John Wesley's House in person this year with an additional ca. 1200 per week joining our online and learning programmes. For pilgrims visiting their ‘Mother Church,’ international Methodist church leaders, theologians, school groups, or[just] locals looking for prayer and quiet, the doors at City Road are open.
## Our Offer: to God, to the City
“The Gospel of Christ knows no religion but social; no holiness, but social holiness.” John Wesley
## Worship and Welcome
In worship we praise God, read the scriptures, consider God’s purposes, and pray for the world. With song, words, and silence we seek forgiveness, offer lament, give thanks, and encourage one another. Over a thousand people regularly worship at Wesley's Chapel each week online and in person, including up to 200 each Sunday morning. We aim to be a justice-seeking, evangelistic, and inclusive church, and to hand on the Methodist traditions we bring from around the world as we inhabit the Wesleyan heritage of this place.
Every week in Holy Communion, we join the global church to be fed by God: we practice an open table with a welcome to all ages and people. Children (and their noises) are always welcome in worship, and a regular Sunday School is supplemented by in-worship activities and a ‘Creche Corner’ play area in the sanctuary. Recently we have piloted free ‘fidget’ toys and other age appropriate activities for children and adults with neuro-diverse presentations in worship.
Up to 150 join for livestreamed Morning Prayer at 10am Monday to Saturday, and others participate in more intimate midweek services and monthly International Prayer in the style of the Taizé community. A highlight this year was a special Taize service led by two brothers from the community: this drew over 250 participants, mainly under the age of 40. This is complemented by special occasional services.
Alongside Minister of the Chapel, the Revd Steven Cooper and Superintendent Minister the Revd Canon Dr Jennifer Smith, a team of lay preachers and retired ministers works together to offer a rich diet of worship and discipleship, including a weekly Sunday Evening Zoom Fellowship, with Bible study and Evening Prayer. We delight too to see new vocations for lay and ordained ministry and pastoral work flourish in the life of the Chapel, and to be a regular venue for student placements.
In October 2023 the Revd Steven Cooper was appointed to become Connexional Ecumenical Officer, and will leave his station at City Road in the end of April 2024. This will present significant challenge to meet the diverse needs of a growing congregation and learning programme in 2023-24, but Trustees and other leaders are aware and making clear priorities and doing our best to prioritise ‘Welcome, Worship, and Care’. We expect to have Revd Cooper replaced (and expect to obtain a local manse in Spring 2024, working in partnership with the national church after they assume trusteeship of the present manse) for September 2024. Any challenges that we face as a congregation are from growth and lively engagement, with diminished person resources.
This year saw the gift of 15k to begin a fund developing young people's musical participation in the life of the Chapel. Choir Director Mikyung Kim and Organist Elvis Pratt continue to lead the music for weekly worship, supplemented by keen amateur soloists and a small musical group to complement the Choir. Our Worship is enriched by visiting choirs and other musicians who join us from all over the world.
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## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
From 2022 Wesley’s Chapel has solemnised both weddings between a man and a woman, and those between two people of the same sex; God has made our community diverse in opinion about this, and we honour that diversity with this change.
## Wesley Day Celebrations
On 24" May, 2023 we commemorated John Wesley's conversion, walking in the footsteps of John Wesley to St Paul’s Cathedral via Aldersgate Street. We paused for prayer at Bunhill Fields burial ground, and at the ‘Aldersgate Flame’ sculpture by the Museum of London. District Chair the Revd Dr Jongi Zihle joined our President of Conference accompanied by Vice President.
## Global Welcome at Wesley’s Chapel
This year saw the expansion of international groups visiting City Road, including the London ‘dongkongers Fellowship’ (over 60 households), global political leaders from several nations, and the Senior leadership of the Seoul Conference of the Methodist Church of South Korea. We were also pleased to welcome global Methodist leaders attending the Conference of the Methodist Church in Britain, along with many individual guests including the Revd Professor Edgardo Colén Emeric, Dean of Duke Divinity School, the Revd Dr JC Park, President of the World Methodist Council, and Dr Ojobo Atuluku, preaching in her role as Director of International Programmes for Christian Aid. Our own 2023-24 British President of Conference the Revd Gill Newton and Vice President Deacon Kerry Scarlett launched their connexional year from the Chapel in September 2023.
## Our Journey: with God, with each other
## Pastoral Care
31 Pastoral leaders serve Wesley's Chapel, each one (or two) looking after a small group and working with staff to offer care in times of crisis or change, in addition to offering regular chances for growth, service, and discipleship. We are seeking to recruit more: we have over 70 members lacking a pastoral leader, this is an area of development for us.
“! believe | shall see the goodness of the Lord in the land of the living.”
## Psalm 27:14
## Work with Younger Adults
In 2021-22, a diverse group of 18-35 year olds emulated John and Charles Wesley to form their own ‘Holy Club,’ facilitated by Global Mission Fellow Erick Hunter. Erick finished his placement in June 2023, and has been replaced by Jessy Mhone from Malawi. The Holy Club is open to all in the age range and meets on a Wednesday evening for a meal, games, discussion, and mutual support.
In July 2023 a group of young adults joined groups from around the world to visit the Taizé Community in France for a week’s worship and ecumenical study and reflection in what we hope will become an annual pilgrimage. Many from this group then joined the ecumenical pilgrimage to Rome in September 2023, as part of Pope Francis’ synodal process.
The whole church has also this year become more active in London Citizens, involving Wesley's Chapel in unified community work for[justice,][political] advocacy and[action.]
## Boys’ Brigade and Girls’ Association
Up to twenty-five boys and girls from the age of 5 now meet in person every Tuesday night, led by Captain Matthew Smith and supported by 7 Officers drawn from the Church congregation. The girls and boys together develop leadership skills and experience, balancing weekly games and faith sharing with regular outings and trips. This year included kayaking, paddleboarding, and paintballing: the BB/GA is open to all aged 5-18, and is supported by a large network of former members. We give thanks for the Brigade’s continuing presence at City Road. This last year the Brigade won an award that allowed the purchase of new cooking utensils and part purchase of a new cooker in the church kitchen.
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## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
‘Stay and Play’ offers community support
Hosted by Leysian Missioner Thomas Smith, over 20 households meet on Wednesday mornings during school terms to offer support for parents and carers, and safe play for under-fives.
## Wesley’s Chapel Recitals
Each Tuesday at 1:05pm, the Chapel hosts a short free recital, featuring musicians of many different kinds. We are glad to see this oasis in the midst of a busy working day draw new audiences and make culture accessible to everyone in our community.
## ‘Take one, leave one,’ and the Benevolent Fund
Leysian Missioner Thomas Smith and a group of volunteers have offered a ‘Take one, leave one’ warm coat exchange outside the Chapel, where people can help themselves and help others without needing to draw attention to their need. There are two benevolent funds which allow small grants for immediate need: for residents of the EC1 post code, the Jordan Trust can help; for others (access via a minister) small grants are made from a church benevolent fund. In general grants normally not more than 200 pounds are made where they will transform a situation as when someone is waiting for benefits or a first pay check, or needs to replace stolen goods or purchase school uniform; grants are not generally made to subsidise monthly expenses. Where there is need, we refer those with financial for help with budgeting or benefits.
“God looked over all that he had made, and saw that it was very good.” Genesis 1:31
## Our Offer: Heritage and Learning
## The Museum of Methodism and John Wesley’s House
Curator Christian Dettlaff continues to expand the virtual tour and online collections. Christian coordinates over 50 volunteer heritage stewards to greet visitors from all over the world to City Road and has successfully recruited a new Learning and Community Engagement Officer who will start in Spring 2024. The Museum and House are open Tuesday to Saturday, 10:30am-4pm, and offer heritage material in 11 languages, with video resource in Korean and Portuguese in addition to English. Our ambition is to expand our learning offer with Methodist schools and colleges overseas, using online platforms and integrated with other Connexional learning offer.
## Connections: an Exhibition with the Leys School, Cambridge
The Museum nurtured its long-standing relationship with the Leys School through a student art display. This was exhibited in Wesley's Chapel and John Wesley's House through summer 2023. Each object was inspired by Methodist heritage and a unique response to the Methodist faith and ethos. We hope to accession the best pieces in future exhibitions into the Museum's Collection, celebrating contemporary Methodism and young talent.
## Leadership on a Journey: Methodism and Migration
“As shoes for your feet, put on whatever will prepare you to preach the Gospel of peace.” Ephesians 6:15
The Chapel and Museum continued to promote the ‘Leadership on a Journey’ exhibition this year, hoping to inspire others in the Methodist Church — and in other Churches — to value Black British and global diaspora contribution to churches. The project collected stories and objects to reflect on how leadership of Black and minority ethnic Methodists have shaped the Church and other walks of life. A response to the ‘Black Lives Matter’ movement, ‘Leadership on a Journey’ reflects on the challenges and opportunities for Black and minority ethnic leaders in the Methodist Church today.
10
‘
|
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
- e The exhibition attracted over 850 in-person new heritage visitors in addition to church members and encouraged in-person visits during challenging, high Covid-impact months.
- e A film based on the exhibit’s oral history project was a central feature: the exhibition materials and film are available online to diversify audiences and increase reach.
- e The exhibition travelled to Wesley Methodist Church Cardiff in spring 2022 and continues available free for loan to schools, churches or other Methodist sites.
- e A 70-page catalogue was produced alongside the exhibition, based on the oral history testimony of interviewees. The catalogue is a powerful way marker of the Church's position today and is part of the project's legacy: it is available for sale in the gift shop.
- e A permanent display was installed in 2022/23 in the Museum of Methodism to ensure the legacy of the project.
- e Free Learning resources, including online learning tools and an outreach school session linked to the National Curriculum module ‘Migration’ were launched September 2022.
## The Museum ‘Walks with Micah’:
Our Museum continues to relate to the national Church’s ‘Walking with Micah’ project. In an age of change and with huge injustices continuing, the project helps the Church focus on principles and priorities for justice and, in so doing, helps increase the ability to seek God’s justice. For the Church, this includes learning from Methodism’s roots and heritage.
As part of a co-ordinated Methodist Heritage social media campaign, the Museum has continued to select poignant artefacts from the Collection relating to the history of justice in the context of ‘Walking with Micah’ for social media posting. The objects have included John Wesley’s quill pen, the pen with which he wrote his last letter to MP William Wilberforce, condemning the ‘execrable villainy that is slavery’, and an abolition flysheet dating to the 1830s. The post explored the objects’ story and significance today, helping to raise awareness of human trafficking and modern slavery.
## Learning Programmes
We have carried a vacancy in the Learning Programme and look to build back our engagement with schools and other learning groups from Spring 2024.
## Redeeming our past: Wesley’s Chapel’s Memorials and global links
This year we continue to display text and prayers of repentance alongside two memorials to a 19" Century Canadian Methodist at the Chapel, Egerton Ryerson. Ryerson was the architect of the Indigenous Schools Programme which forcibly removed Canadian children from indigenous families and sent them to Christian Boarding Schools. Many died of neglect, and the Canadian Truth and Reconciliation Process has declared that his policies amounted to ‘cultural genocide.’ We choose to keep the witness of this history visible, but to tell the full history and express our grief at his actions. We will continue to explore ways we can live out the call to repentance from sin, and new life in Christ.
In 2022-23 we have agreed the return of one ‘Gilbert’ font to the Methodist Church of the Caribbean and the Americas, and the retention of one font in the Chapel itself. Arrangements for this return are ongoing as part of our connexional reparations agenda.
## British Library ‘Discovering Sacred Texts’ online resource
Expanding our learning presence, Wesley's Chapel was proud to see the wide use and distribution of the British Library’s global online resource for Religious Education, ‘Discovering Sacred Texts’. Representing British Methodism, our contribution includes a video glimpse of worship along with reflection on the global influence of Methodist hymns and spirituality, as part of the video on Christianity in Britain today. We saw this resource widely used distributed in the United Kingdom and internationally during lockdown.
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## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
## Renewal of the Physic Garden Trail and Signage
Inspired by John Wesley’s ‘Primitive Physic’, a garden trail of healing herbs and flowers was planted in the public gardens at City Road in March 2019. This has been expanded this year and made permanent with signage. This was done in partnership with St Luke’s Community Centre and volunteers from CMS Law. The trail is now available to guide visitors around the site, and to use our heritage to help with our mission today of well-being for all. Our Thanksgiving: What God is doing This church balances global welcome with local service, giving our members a chance to serve each other and the neighbourhood. In this we join our ecumenical partners, St Giles’ Cripplegate, Jewin Welsh Church, and St Joseph’s Roman Catholic Church, with whom we share two month-long small group study series, and occasional service and social events.
## Church Fellowship and Groups
This year saw the re-gathering of The Wesley’s Chapel Ghana Fellowship and Methodist Women in Britain and the weekly Sisterhood for retired women, meeting on a Monday afternoon. The Wesley’s Men’s Fellowship plans to re-gather in 2024.
Wesley’s Chapel and Leysian Mission is a large church, and these groups help people get to know one another: they deliver a vital mission as part of our faith development. All generations joined in an August day out to Margate beach, attended by over 150 church members and friends.
## Board of Trustees and Staff
We give thanks for our lay leadership, the Board of Trustees who guide the Finance, Property, and Mission of this church and for the continued support and advice of the Old Leysian Society. The Trustees focus the mission and help different parts of the organisation work together, as well as supporting the Superintendent in leadership, and the lay preachers and other staff. In the Office, we give thanks for the continued leadership of Tracey Smith, our Manager, along with Ling Arzeian in Finance and Beatrice Omane on administration.
## Property and Finance
Wesley’s Chapel and Leysian Mission is a registered UK Charity (no. 1137321) and undertakesa full audit of its accounts each year, available on request. (Full accounts available from the Charity Commission website.) We are working to find new sustainable income streams and to increase giving, including through estate giving.
## Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
- e select suitable accounting policies and then apply them consistently; e observe the methods and principles in the applicable Charities SORP 2019 (FRS 102); e make judgements and estimates that are reasonable and prudent; e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
12
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisionsofthe trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
## Investment policy, objectives and performance
The objective is to support the mission of the Methodist Church in the City Road Circuit London and to achieve that by producing real growth of income and preserving real value of capital.
Quarterly reports are received from the appointed Investment Managers giving assessments of the investment performance of the Charity's investment assets. The Investment Managers are restricted to investing solely in the various investment funds of the Central Finance Board of the Methodist Church (CFB). These reports are made available to all the Finance Trustees which report in turn to the Church Council/Circuit Meeting. In addition, the Investment Managers meet with the Finance Trustees at least once annually.
The Charity operates an ethical investment policy in line with that of the Methodist Church nationally. The Investment Manager provides regular reports as to its voting record at company meetings, and also as to how it adheres to the stated ethical investment policy. The investment policy is to provide income which increases with inflation, while maintaining the real value of the portfolio.
During the year the Charity undertook a thorough reviewofthe Investment Management mandate. After receiving propositions from a number of potential fund managers, Greenbank Investments was offered the position, a subsidiary of Rathbones Group, one of the largest of the City fund managers. The transfer of the investment mandate has been completed in the first months of the financial year 2023/24 and we look forward to working with Rathbones as we move forward. The Charity will continue to monitor the ethical position of our portfolio where we expect the current exclusions to be maintained. One other change has been that, like many other charities, we will be putting increased emphasis on total return, rather than income return, and thus have the ability to utilise some of the additional potential return to supplement our operating budget.
Finance review Wesley’s Chapel and Leysian Mission has two distinct activities, the day to day running of the chapel and its wider Christian ministry and the operation of the Museum. In addition it maintains a number of restricted and endowed funds to support specific parts of its ministry and works.
**----- Start of picture text -----**
)
**----- End of picture text -----**
Wesley's Chapel and Leysian Mission is a registered UK Charity (no. 1137321) and undertakes a full audit of its accounts each year, available on request. These accounts give an overview of income and expenditure for 2022-23, with year-end 31 August.
The accounts for the year ended 31 August 2023 showa deficit of £75,044 (2022: £75,936 surplus) before investment losses of £60,187 (2022: £563,524). Unrestricted income of £476,333 (2022: £732,908) was lower compared to the prior year primarily due to a reduction in donations and legacy gifts received. This resulted in an overall net deficit for the year of £135,231 (2022: £627,588) and total funds at 31 August 2023 were £10,611,731 (2022: £10,746,962).
The Trustees would like to thank all of the supporters of the charity, especially during another extremely difficult year. Regular donors, the church congregation, the Old Leysian’s, alumni of the Leys School, and supporters of the museum are all part of our wider family, and we thank them for enabling the charity to fulfil its mission and remain financially stable to continue its works. The support of members and friends continues to be highly appreciated by all involved.
13
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
## Reserves policy
Reserves are held to ensure that the Charity can continue to meet its commitments, mission and objectives in the event of short-term income shortfalls or unforeseen expenditure requirements.
|(a) The Circuit hasthree categories ofreserves(funds):|2023|2022|
|---|---|---|
||£|£|
|1. General and Designated Funds|9,890,994|9,711,377|
|2. Restricted Funds|281,294|465,465|
|3, Endowment Funds|439,443|570,120|
||10,611,731__10,746,962_|__10,746,962_|
## (b) Reserves policy for General Funds These are available for any purpose of the Methodist Church and comprise:
|assets|||
|---|---|---|
|Those designated for Property Endowment, House & Museum, Leysian|4,534,101|4,398,655|
|Mission purposes
(as laid down by
Conference)|||
|Those invested, mainly unconditional legacies, to provide ongoing|717,120||
|income, thereby
perpetuating the effect ofthe benefactors’ generosity
Liquid
funds,
readily
available
for
day-to-day
expenditure.
The
207,506
229,352
eet
six months’ expenditure, or currently
about £350,000.|||
|(c)
Policy for Restricted Funds
These funds must be used only for special purposes of the Circuit or for specific purposes for which|
|---|
|money was donated or bequeathed. They include CircuitAdvance Fund (CAF) (Trust 18787) which is|
|restricted bystanding orders oftheMethodistChurch.
2023
2022|
|(CAROOSOSOSOSOSC“(;#(’NNNN—————O
| 1[78]|
|Resthaven Trust —Proceeds of saleofaLeysian Mission properly |
=| —*184,065||
|(d) Terms relating toEndowment Funds held
TheTrustees for Methodist Church Purposes act as a Custodian Trusteeforthe permanent endowment|
|funds,themanagement ofwhich isundertaken bythe Investment Manager.The capital cannotbe spent,|
|but the income is available forthe following purposes:|
|2022|
|Income|
|Youth Council - Trust 22317 - Gabriel, Grosvenor &Cooper
_|
|General Fund — Various Trusts|
|eee|
14
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
## Plans for the future
- We will continue with strong financial planning and accountability, to resource ongoing projects: e Maintenance and improvement of property portfolio including manses, in a major ‘Refresh’ programme improving mission opportunities and financed by strategic fund raising and release of reserves;
- e Further developing the Wesley Chapel international community (up to 6 bedsits, subsidised rent for community benefit);
- e Develop administrative team and lay leadership, recruitment of new trustees and leaders; e Nurture and pastoral care of our congregation and continued congregational growth, including increased giving and vocations for service;
- e Continued evolution of social media and virtual presence of the Chapel and its mission; e Enhanced heritage and museum programme and collection, alongside appropriate chances for international academic engagement;
- e Planned strategic employed and lay staff development, and investment in our people e Development of space across our site for improved welcome, worship, learning and gallery areas (longer term);
- e To seek outside funding and service partners, for income and discipline of purpose.
This future we commit to the creativity of the people in this place, inspired by the grace of God.
## Giving at Wesley’s
All who worship regularly or visit here can support the work of the church and Museum: see the website www.wesleyschapel.org.uk or type give.net/20115542 into your internet browser and follow the instructions to make a one-off or recurring gift. Please remember to Gift-Aid if you are a UK tax payer. Recognising the cost of living crisis, we are pitching our fund raising as a bid to increase the percentage of our congregation giving regularly online to 25% from 10% by June 2024.
Even a small recurring gift is of great help: if you would like to speak about other ways to give, including through estate planning, please be in touch with the office.
The charity received no fundraising complaints during the year (2022: none).
The trustees of the charity can confirm that, as far as they are aware, there is no relevant audit information of which the charity's auditors is unaware, and they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
## Approval
This report was approved by the Trustees on 21 March 2024 and signed on their behalf by:
Jennifer Smith Trustee
Peter Forward Trustee
15
## INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
## TO THE TRUSTEES OF WESLEY'S CHAPEL AND LEYSIAN MISSION
## Opinion
We have audited the financial statements of Wesley's Chapel and Leysian Mission (the ‘charity’) for the year ended 31 August 2023 which comprise Statement of Financial Activities, the Balance Sheet, Statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
* give a true and fair view of the state of the charity's affairs as at 31 August 2023, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
» have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
« have been prepared in accordance with the requirements of the Charities Act 2011.
## Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
16
## WESLEY'S CHAPEL AND LEYSIAN MISSION
## INDEPENDENT AUDITORS' REPORT (CONTINUED)
## TO THE TRUSTEES OF WESLEY'S CHAPEL AND LEYSIAN MISSION
## Other information
The other information comprises the information included in the trustees’ annual report2, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
+ the information given in the trustees’ report is inconsistent in any material respect with the financial statements;
or
+ sufficient accounting records have not been kept; or
+ the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## Responsibllities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 12, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to gaing concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
17
## WESLEY'S CHAPEL AND LEYSIAN MISSION
## INDEPENDENT AUDITORS’ REPORT (CONTINUED)
## TO THE TRUSTEES OF WESLEY'S CHAPEL AND LEYSIAN MISSION
## Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
To identify risks of material misstatement due to fraud (“fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: + Obtaining an understanding of the legal and regulatory frameworks applicable to the charity. + Obtained an understanding of how the charity is complying with those legal and regulatory frameworks by making enquiries to the trustees. + The susceptibility of the charity’s financial statements to material misstatement caused by fraud or other irregularities were assessed with the following procedures: - Identifying and assessing the design effectiveness of controls which trustees have in place to prevent and detect fraud - Understanding how those charged with governance considered the potential for override of controls and management biases - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.
Because of the inherent limitations of an audit, there is a risk thatwe will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
18
## WESLEY'S CHAPEL AND LEYSIAN MISSION
## INDEPENDENT AUDITORS' REPORT (CONTINUED)
## TO THE TRUSTEES OF WESLEY'S CHAPEL AND LEYSIAN MISSION
## ClayC Radvcye Sever + Hs.
Clay Ratnage Strevens & Hills
Chartered Accountants
& Statutory Auditor
Suite D, The Business Centre Faringdon Avenue Romford, Essex, RM3 8EN
Date: 26 Mav 2014
Clay Ratnage Strevens & Hills is eligible to act as auditor in terms of section 1212 of the Companies Act 2008.
19
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## STATEMENT OF FINANCIAL ACTIVITIES AT 31 AUGUST 2023
||||||Permanent|||
|---|---|---|---|---|---|---|---|
|||Unrestricted Funds||Restricted|Endowment|||
|||General|Designated|Funds|Funds|2023|2022|
||Notes|£|£|£|£|£|£|
|Income and endowments||||||||
|Donations andlegacies|2|241,426|-|14,964|-|256,390|357,598|
|Investment income
Charitable activities
Other|3
4|187,679
47,202
26|125,808
-
-|5,904
-
-|15,829
-
-|335,220
47,202
26|387,053
29,112
-|
|Total incomeandendowments||476,333|125,808|20,868|15,829|638,838|773,763|
|Expenditure||||||||
|Raisingfunds|§|18,915|12,536|1,001|1,624|34,076|76,637|
|Charitable activities|6|647,745|-|32,061|-|679,806|621,190|
|Total expenditure|7|666,660|12,536|33,062|1,624|713,882|697,827|
|Net Income/(expenditure) before
gainsand losses oninvestments||(190,327)|113,272|(12,194)|14,205|(75,044)|75,936|
|Net (losses)/gains oninvestments|20|(8,047)|(40,299)|(11,164)|(677)|(60,187)|(563,524)|
|Net Income/(expenditure) fortheyear||(198,374)|72,973|(23,358)|13,528|(135,231)|(487,588)|
|Transfers betweenfunds|20|242,545|62,473|(160,813)|(144,205)|-|-|
|Net loss on revaluation offixedassets||-|-|-|-|-|(140,000)|
|Netmovement In funds||44,171|135,446|(184,171)|(130,677)|(135,231)|(627,588)|
|Total funds broughtforward||5,312,722|4,398,655|465,465|570,120|10,746,962|11,374,550|
|Fundbalancescarriedforward|20|5,356,893|4,534,101|281,294|439,443|10,611,731|10,746,962|
The notes on pages 23 to 40 form part of these financial statements.
All of the above results are derived from continuing activities. There are no other recognised gains and losses other than those stated above. Movements in funds are disclosed above and in notes to the financialstatements.
20
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## BALANCE SHEET AT 31 AUGUST 2023
|||2023|2022|
|---|---|---|---|
||Notes|E|£|
|Fixed Assets||||
|Tangibleassets
Investment properties
Investments|12
13
14|1,411,566
3,020,701
5,672,690|1,424,207
3,020,701
5,769,007|
|||10,104,957|10,213,915|
|CurrentAssets||||
|Debtors|16|107,372|147,905|
|Cash at bankand in hand
Stock|17|427,880
10,247|416,641
9,456|
|||545,499|574,002|
|Creditors:||||
|Amounts falling due within one||||
|year|18|38,725|40,955|
|Net CurrentAssets||506,774|533,047|
|Total NetAssets||10,611,731|10,746,962|
|Funds||||
|Unrestricted
- General|19|5,356,893|5,312,722|
|-Designated||4,534,101|4,398,655|
|Restricted|20|9,890,994
281,294|9,711,377
465,465|
|Permanentendowment|20|439,443|570,120|
|TotalCharityFunds||10,611,731|10,746,962|
Approved by the Trustees and signed on their behalf on 21 March 2024:
**----- Start of picture text -----**
™
Ly. [{/\A] ) / rami. Va~ 3 F )ws Y =
Jennifer Smith Peter Forward
Trustee Trustee
**----- End of picture text -----**
Registered Charity No. 1137321
The notes on pages 23 to 40 form part of these financial statements.
21
## WESLEY’S CHAPEL AND LEYSIAN MISSION
STATEMENT OF CASH FLOWS AT 31 AUGUST 2023
**----- Start of picture text -----**
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Cash|Flows|from|Operating|Activities|
|Net|cash|(used|by)|Operating Activities|—__(839,237)|(371,847)|
|Cash|Flows|from|Investing|Activities|
|Dividends,|interest|and|rent|from|investments|314,346|346,803|
|Purchase|of property,|plant|and equipment|-|(6,083)|
|Proceeds|from|sale|of investments|2,944,967|3,643|
|Purchase|of investments|(2,908,837)|oe|=a|
|Net cash provided by Investing Activities|350,476|344,363|
|Change|in|cash|and|cash|equivalents|in|the|reporting|period|11,239|(27,484)|
|Cash|and|cash|equivalents|at|beginning|of period|416,641|444,125|
|Cash|and|cash|equivalents|at end|of period|427,880|416,641|
|Reconciliation|of net|expenditure|to|net|cash|flow from|Operating Activities|
|2023|2022|
|£|£|
|Net|(expenditure)/income|for|the|reporting|period|(as|per|the|
|Statement of financial|activities)|(195,291)|id|ates|
|Adjustments|for:|
|Depreciation|and|amortisation|charges|12,641|14,736|
|Loss|on|investments|60,187|563,524|
|Dividends,|interest|and|rents from|investments|(314,346)|(346,803)|
|(Increase)/decrease|in|stock|(791)|3,648|
|Decrease/(increase)|in|debtors|40,533|(106,507)|
|(Decrease)|in|creditors|(2,230)|(12,857)|
|Net|cash|used|in|operating|activities|(339,237)|(371,847)|
**----- End of picture text -----**
Analysis of changes in net debt
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|||At|start of|Cash|Other|||Atyear|
|year|flows|non-cash|end|
|E|£|changes|£|
|£|
|At 31|August 2023|||7|
|Cash|at bank|and|in hand|416,641|11,239[|= ||~—-427,880|
|SeeAt|nes|es|Eee|
|31|August 2022|a|ee|
|Cash|at|bank|and|in|hand|444,125|(27,484)| =||416,644|
**----- End of picture text -----**
The notes on pages 23 to 40 form part of these financial statements.
22
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## NOTES TO ACCOUNTS YEAR ENDED 31 AUGUST 2023
1. Accounting Policies The Trust was registered as a charity in England and Wales, United Kingdom, on the 6'" August 2010 and is governed by a Deed of Union under the Methodist Church Act 1976. The address of the charity is 47, 47a & 49 City Road, London, EC1Y 1AU.
Let Basis of preparation and assessment of going concern The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements are presented in and are rounded to the nearest £.
The financial statements have been prepared to give a ‘true and fair view’ and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 14 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 14 April 2005 which has since been withdrawn.
## The charity constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. With respect to the next reporting period, 2023-24, the most significant areas of uncertainty that affect the carrying value of assets held by the charity are the level of investment return, continued impacts of COVID, inflation, and the performance of investment markets.
- 1.2 Tangible fixed assets for use by the charity and depreciation Tangible fixed assets for use by the charity are stated at cost less depreciation. All assets costing more than £5,000 are capitalised and valued at historical cost.
Depreciation is provided at rates calculated to write-off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures, furniture & fittings - 5 to 10 years Freehold property - 50 years
- 1.3 Investment properties
- Investment properties are stated at fair value. Any realised and unrealised gains/(losses) are shown in the Statement of Financial Activities.
- 1.4 Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations, are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
23
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
1.4 Income and endowments (continued) Legacy gifts are recognised following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. These are only to be accounted for if received by the date of the accounts being approved. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity prior to the approval of the accounts.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
1.5 Heritage assets The heritage assets representthe Grade 1 and Grade2 listed church, stained glass, organ, and the Museum containing various artefacts, manuscripts and papers of John Wesley. The Museum consists of the Museum of Methodism, tracing the history of worldwide Methodism, in the Crypt of the Chapel and John Wesley’s House, which contains many original items of furniture.
The house was refurbished in 1992 and restored to a condition as much like the original as possible, The permanent collections contain manuscripts, photographs, letters and mementoes from his eventful life together and other objects totalling over 16,731 in number. The permanent collections are included in the balance sheet at market £nil valuation as they are historic in nature and have been fully written-off in previous accounts.
The Trustees believe that the costs to continually update the market value of the heritage assets would be onerous compared with the additional benefits derived by the Chapel and the users of the accounts. The latest estimated value of the building and organ is reported in note 12b. The Trustees believe the benefits of obtaining valuations for the remaining items would not justify the cost as these items are estimated to be of little monetary value and are not insured as are irreplaceable originals, although the collections include duplicate and facsimile items held for educational and research purposes. Therefore, these items are not recognised in the balance sheet as reliable cost information is not available.
Expenditure which is required to preserve or prevent further deterioration of the buildings and individual items within the archive is recognised in the Statement of Financial Activities when it is incurred. The Chapel’s management policy in respect of its heritage assets is summarised in Note 12b.
1.6 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Volunteers act as Church and Circuit Stewards and the Chapel also benefits from the time dedicated by its Treasurers, Trustees, Committee members and other helpers. This cost has not been included in the accounts [see note 11b].
The costs of generating funds consist of investment management costs and certain legal fees.
24
|
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
- 1.7 Support costs Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. Governance costs and support costs relating to charitable activities have been apportioned based on income. The allocation of support costs is analysed in note 8.
- 1.8 Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
- 1.9 Fixed asset investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
- 1.10 Realised and unrealised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
- 1.11 Operating leases Operating leases are recognised over the period of which the lease falls due. Benefits received and receivable as an incentive to sign an operating lease are recognised ona straight-line basis over the period of the lease.
- 1.12 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition, opening of the deposit or similar account.
1.13 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.
## 1.14 Stock
- Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchases ona first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Financial Activities.
- 1.15 Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle theobligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
25
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
- 1.16 Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. The aim and purpose of each designated fund is set out in the notes to the financial statements. Restricted funds are community and other projects being undertaken by the charity. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each material designated and restricted fund is set out in the notes to the financial statements.
- 1.17 Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
- 1.18 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fixed assets are recorded at depreciated historical cost and investments are recorded at fair value, being the closing market value rate, with unrealised gains in the SOFA. All other assets and liabilities are recorded at cost which is their fair value.
- 1.19 Minister pension costs The charity contributes a proportion of the standard stipend to the Methodist Ministers Pension Scheme. The pension scheme trustees have advised that it is not possible to currently identify Wesley's Chapel & Leysian Mission’s share of the underlying assets and liabilities of the scheme. The charity have therefore accounted for the pension scheme as if it was a defined contribution scheme. The total pension expense recognised in the Statement of Financial Activities in 2023 totalled £14,582 (2022: £13,943). At the period end, £Nil was included as owed to the scheme (2022: ENil).
An Actuarial Valuation of the Scheme is carried out every three years. The Scheme’s last full actuarial valuation occurred as at 1 September 2020. The valuation results were produced using a set of actuarial assumptions which were agreed by the MMPS Trustee Board, including updated discount rates to current market conditions and pensionable earnings increases of 3.25% pa. The assets of the Scheme had a market value of £487.5m as at 1 September 2020. The valuation results showed a deficit of assets relative to the Scheme’s liabilities for the past service benefits to araund £14.2m.
Future Church contribution rate will remain at 26.9% of Stipends with any deficit met by an annual contribution from the Pension Reserve Fund. In addition Ministers pay a Members voluntary contribution of 9.3% by deduction from their Stipends. The next valuation is expected to be agreed as at 31 August 2023, with a target date set for summer 2024.
- 1.20 Judgments and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no material judgments or key sources of estimation uncertainty in these financial accounts.
26
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
## 2. Donations & legacies
|2.|Donations & legacies||||||
|---|---|---|---|---|---|---|
||||||Permanent||
|||Unrestricted Funds||Restricted|Endowment||
||Current year|General|Designated|Funds|Funds|2023|
|||£|£|£|£|£|
||Ministry and Mission||||||
||Offerings anddonations
Grants
Legacies|95,981
25,827
61,702|-
-
-|4,126
10,838
-|-
-
-|100,107
36,665
61,702|
||Heritage||||||
||Donations|13,868|-|-|-|13,868|
||Grants|44,048|-|-|%|44,048|
|||241,426|-|14,964|-|256,390|
||||||Permanent||
|||Unrestricted Funds||Restricted|Endowment||
||Prioryear|General|Designated|Funds|Funds|2022|
|||£|£|£|£|£|
||Ministry and Mission||||||
||Offerings anddonations
Grants|100,056
20,959|-
-|9,798
13,125|-
-|109,854
34,084|
||Legacies|111,647|-|-|-|111,647|
||Heritage||||||
||Donations|4,791|-|-|-|4,791|
||Grants|97,222|-|-|-|97,222|
|||334,675|-|22,923|-|357,598|
|3.|Investment income||||||
||||||Permanent||
|||Unrestricted Funds||Restricted|Endowment||
||Current year|General|Designated|Funds|Funds|2023|
|||£|£|£|£|£|
||Ministry and Mission||||||
||Rents|170,329|-|-|-|170,329|
||Bank interest|649|-|112|-|761|
||Dividends|16,701|125,808|2,608|15,829|160,946|
||Heritage||||||
||Dividends|-|-|3,184|-|3,184|
|||187,679|125,808|5,904|15,829|335,220|
||||||Permanent||
|||Unrestricted Funds||Restricted|Endowment||
||Prioryear|General|Designated|Funds|Funds|2022|
|||£|£|£|£|£|
||Ministry and Mission||||||
||Rents|168,084|-|-|-|168,084|
||Bank interest|339|-|33|-|372|
||Dividends|200,698|14,026|1,334|1,792|217,850|
||Heritage||||||
||Dividends|-|-|747|-|747|
|||369,121|14,026|2,114|1,792|387,053|
27
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
|4,|Charitable activities||||||
|---|---|---|---|---|---|---|
||||||Permanent||
|||Unrestricted Funds||Restricted|Endowment||
||Current year|General
£|Designated
£|Funds
£|Funds
£|2023
£|
||Ministry and Mission||||||
||Insurance recovered|16,851|-|-|-|16,851|
||Heritage||||||
||Museum and book sales|30,351|-|-|:|30,351|
|||47,202|-|-|-|47,202|
||||||Permanent||
|||Unrestricted Funds||Restricted|Endowment||
||Prioryear|General
£|Designated
£|Funds
£|Funds
£|2022
£|
||Ministry and Mission||||||
||Insurance recovered|16,612|-|-|-|16,612|
||Heritage||||||
||Museum and booksales|12,500|-|-|-|12,500|
|||29,112|=|7|7|29,112|
|5.|Expenditureon raisingfunds||||Permanent||
|||Unrestricted Funds||Restricted|Endowment||
||Currentyear|General
£|Designated
£|Funds
£|Funds
£|2023
£|
||Donations and legacies|550|-|-|-|550|
||Other trading activities|12,652|-|-|-|12,652|
||Investment costs|5,713|12,536|4,001|1,624|20,874|
|||18,915|12,536|1,001|1,624|34,076|
||||||Permanent||
|||Unrestricted Funds||Restricted|Endowment||
||Prioryear|General
£|Designated
£|Funds
E|Funds
£|2022
£|
||Donations and legacies|490|-|-|-|490|
||Othertrading activities|35,897|-|-|-|35,897|
||Investment costs|23,340|14,026|1,092|41,792|40,250|
|||59,727|14,026|1,092|1,792|76,637|
28
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
## 6. Expenditure on charitable activities
|||||Permanent||
|---|---|---|---|---|---|
||Unrestricted Funds||Restricted|Endowment||
|Currentyear|General|Designated|Funds|Funds|2023|
||£|£|£|£|£|
|Ministry and Mission|529,497|-|32,061|-|561,558|
|Heritage|118,248|-|-|-|118,248|
||647,745|-|32,061|-|679,806|
|||||Permanent||
||Unrestricted Funds||Restricted|Endowment||
|Prioryear|General|Designated|Funds|Funds|2022|
||£|£|£|£|£|
|Ministry and Mission|430,134|-|57,364|-|487,498|
|Heritage|133,692|-|-|-|133,692|
||563,826|-|57,364|-|621,190|
|Analysis ofexpenditure||||||
||||Direct|Support||
|Current year|||Costs|Costs|2023|
||||£|£|£|
|Ministry and Mission
Heritage|||269,597
88,039|313,385
42,861|582,982
130,900|
||||357,636|356,246|713,882|
|Prioryear|||Direct|Support||
||||Costs|Costs|2022|
||||£|£|£|
|Ministry and Mission|||248,790|279,448|§28,238|
|Heritage|||128,790|40.799|169,589|
||||377,580|320,247|697,827|
7. Analysis of expenditure
Raising funds costs of £49,237 (2022: £76,637) has been categorisedas Ministry and Mission activities.
8. Analysis of support costs
|Current year|Staff
Related|Consulting&
Legal Fees|District
Levy|Governance|Office, IT
&Other|2023|
|---|---|---|---|---|---|---|
||£|£|£|£|£|£|
|as|419,006|11,231|54,960|60,777|67,411|313,385|
|Heritage|19,904|1,517|-|10,165|41,275|42,861|
||138,910|12,748|54,960|70,942|78,686|356,246|
|Prioryear|Staff
Related|Consulting&
Legal Fees|District
Levy|Governance|Office, IT
&Other|2022|
||£|£|£|£|£|£|
|raed&|107,269|6,979|46,356|57,127|61,717|279,448|
|Heritage|18,776|1,221,||9,999|10,803|40,799|
||126,045|8,200|46,356|67,126|72,520|320,247|
29
## WESLEY’S CHAPEL AND LEYSIAN MISSION
NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
9. Grants payable Grant making activities in total are not material in the context of the Charity’s overall charitable activities.
|10.|Net movement in funds forthe year|||
|---|---|---|---|
|||2023|2022|
|||£|£|
||The net movement in funds for the year is stated after|||
||charging:|||
||Auditors’ remuneration - auditwork|8,400|9,840|
|11.|(a) Staff costs and emoluments|||
|||2023|2022|
|||£|£|
||Salaries & contractors|229,228|212,591|
||Minister stipends & pension|77,281|73,858|
||Social security costs|17,745|16,716|
||Staff pension costs|12,034|12,316|
||Training & recruitment costs|2,327|1,517|
|||338,616|316,998|
|||2023|2022|
|||Number|Number|
||The average weekly number of staffemployed by the|||
||Charity during the yearwas as follows:|||
||Ministerial and administrative|10|11|
||Establishment|1|2|
The charity considers its key management personnel comprise the Trustees and the ministers. The ministers are employed by the Connexion. Their stipend and pension costs are paid direct to the London District of the Methodist Church.
The total employment benefits including employer pension contributions of the key management personnel were £77,281 — 2 persons (2022: £73,858 — 2 persons). No employees had employee benefits in excess of £60,000 (2022: none). The charity contributed £14,582 during the year (2022: £13,943), representing 26.9% (2022: 26.9%) of the standard stipend as pension contributions for its ministers. This is paid to the London District of the Methodist Church for the Methodist Ministers’ Pension Scheme, which is a final salary defined benefit scheme (Note 7.79). The Ministers occupy housing owned by the Charity.
In addition, the charity offers lay staff the opportunity to contribute to a stakeholder pension scheme and the Charity matches any employee contribution up to a maximum of 7%. The charity contributed £12,034 during 2023 (2022: £12,316) to the stakeholder pension scheme.
30
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
11. (b) Volunteers lt has not been possible to calculate the number of hours contributed by volunteers, but they are estimated to be at least 1,500 hours during the year (2022: 1,500). If valued at the London Living Wage of £13.15 per hour, in line with policy, this would amount to a gift of £19,725 (2022: £17,925: £11.95),
In addition, there are currently 36 (2022: 36) volunteers who act as Heritage Stewards and work part time at the Chapel, covering John Wesley’s House and The Museum of Methodism and the visitor services aspect of the Chapel’s mission. There are normally three volunteers on duty Tuesday to Saturday, working from 10:30am to 4:00pm. On that basis the total hours estimated to have been worked in the current year is 2,860 (2022: 2,860). If valued at the London Living Wage of £13.15 per hour, this would amount to a gift of £37,609 (2022: £34,177; £11.95).
Neither of these gifts has been included in the statutory accounts.
12. Tangible assets
|Tangible assets||||
|---|---|---|---|
||Furniture|Freehold|Total|
||& Fittings|Property||
||£|£|=|
|Cost||||
|At 1 September2022|400,949|1,425,000|1,825,949|
|Additions|-|-|-|
|At 31 August 2023|400,949|1,425,000|1,825,949|
|Depreciation||||
|At
1 September 2022|384,342|17,400|401,742|
|Charge fortheyear|6,841|5,800|12,641|
|At 31 August 2023|391,183|23,200|414,383|
|Net book value||||
|At 31 August 2023|9,766|1,401,800|1,411,566|
|At31August2022|16,607|1,407,600|1,424,207|
## (a) Organ
The organ is an integral part of the Chapel Building and has been treated in the same way as the Chapel and shown at insurance value, but fully depreciated.
31
WESLEY’S CHAPEL AND LEYSIAN MISSION
## NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 12. Tangible assets (continued)
(b) Heritage assets Although it is known that the Chapel cost £7,000 to build in 1778, the cost of subsequent additions and improvements to the campus buildings is not ascertainable. The original cost of these assets have previously been written off completely and, while they continue to be used for the purposes of the Charity, are not realisable, therefore the Trustees have decided to continue to show them as fully depreciated.
Any valuation of buildings such as those on the 49 City Road campus is bound to be arbitrary and the Trustees believe that the costs to continually update the market value of the heritage asset would be onerous compared with the additional benefits derived by the Chapel and the users of the accounts. The Trustees have therefore decided that the most sensible figures to show as an estimate for the value of these assets for information purposes is the estimated rebuilding or reinstatement costs for which they are insured as follows:
||2023|2022|
|---|---|---|
||£|£|
|Buildings and fixtures (including organ)|22,781,195|18,800,469|
|Glasswindows|1,072,666|1,023,538|
These figures, representing an increase based on the prior year, are based on the most recent survey undertaken in 2019. The Trustees regularly undertake a Quinquennial survey of the property and assets which identifies the required maintenance requirements in order to be able to manage and plan the continual upkeep of these assets and to ensure they are insured at their rebuild costs. This also allows for the Chapel to plan and fundraise for any significant refurbishments that may be required and to effectively maintain the assets at their required condition.
The heritage assets are deemed inalienable as they are not able to be disposed of by the Chapel. The remaining artefacts are also maintained and their upkeep planned and scheduled. The Museum exhibits part of the collection of artefacts and they are accessible to the majority of users through education work, research into Methodism and displays in the Museum.
Researchers have access by appointment to items held in storage subject to the access and privacy policy of the Museum. The archive and storage area are maintained in the appropriate condition for the artefacts and in a secure environment. The Museum also occasionally receives items on loan, subject to the Museum's loans policy.
## (c) Freehold property
Freehold property at Linton Street, an offsite manse, was purchased on 2 August 2019 for £1,425,000. Furthermore, the property was valued by Sanderson Weatherall in a report dated 18 July 2019, with a replacement building cost determined of £290,000. The Trustees have deemed this to be the cost of the building at the date of the purchase, excluding any land cost, and are depreciating this cost over 50 years in line with the accounting policy.
The property is recorded at historical cost less depreciation.
32
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
## 13. Investment properties
|Investment properties||||
|---|---|---|---|
||Land and|Buildings||
||Freehold|Leasehold|Total|
||£|£|£|
|Valuation||||
|At 1 September 2022||||
|Flat, 17 Farriers House|-|460,000|460,000|
|Trinity House, Tabernacle|2,560,701|-|2,560,701|
|Street||||
|At 31 August2023|2,560,701|460,000|3,020,701|
|At end ofthe year||||
|At 31 August2023|2,560,701|460,000|3,020,701|
|At31August2022|2,560,701|460,000|3,020,701|
- (a) There is another building on the campus at 49 City Road that is not used for Church purposes. This is the office building at the rear of the graveyard, known as Trinity House. The Charity owns the freehold and in 1982 the site was let on a lease for a period of 125 years. In 2017 the terms of the lease were renegotiated, and the term extended to 155 years from completion to 2172. As part of the agreement, a lease extension premium was received by the charity of £925,000. The Methodist Connexion withheld £350,000 of the proceeds received by the Charity in accordance with Methodist Church Standing Orders, calculated as to £100,000 at 20% and £825,000 at 40%. 100% of this levy was recovered in 2019 contributing to the purchase of the offsite manse at Linton St.
Under the terms of the lease, ground rent of £17,500 per annum or 9% of the passing rent, whichever is the greater, is received by the Charity.
The freehold interest in the property was subsequently revalued in March 2021 by Boultbee LDN Limited, who despite being the leaseholders are responsible for the recent renovation and have used separate in-house expertise to undertake the valuation. Their valuation of £2,560,701 is considered by the Trustees to represent the best current estimate of the current market value.
Leasehold property at 17 Farriers House, a flat which is let commercially, is currently valued at £460,000 (2022: £460,000). This represents the Trustees’ best estimate of the market value, on a conservative basis, given the most recent sales in the building, the condition of the flat, current market conditions and a desktop valuation received letting agents, Cluttons LLP in November 2022.
The Trustees consider that these two properties held should be treated as investment assets and the provisions of Section 16 of FRS102 apply.
33
## WESLEY’S CHAPEL AND LEYSIAN MISSION
NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
## 14. Fixed asset investments
## a) PERMANENT ENDOWMENT
|a) PERMANENT|ENDOWMENT|||||
|---|---|---|---|---|---|
|||||Market Value||
|Trustname||Units|Fund|2023|2022|
|||||£|E|
|MrsMA Grayson|Bequest (11211)|1,256|CFB UK Equity Fund|25,391|263,058|
|||4,934|CFB Global Equity Fund|44,100|-|
|||33,814|CFB Property Investment|21,878|46,200|
|||45,478|CFB Corporate Bond|52,709|30,997|
|Other bequests (564)||3,582|CFB UK Equity Fund|72,414|158,373|
|||9,932|CFB Global Equity Fund|88,772|-|
|||26,062|CFB Corporate Bond|30,206|18,703|
|||19,747|CFB Property Investment|12,776|27,863|
|Gabriel, Grosvenor & Cooper Trust
(Youth Council)||1,901|‘
CFB Managed MixedFund|9,558|9,982|
|||||357,804|555,176|
|b) RESTRICTED|FUNDS|||||
|eberad|Crypt & Museum|= 9950
5,661|CFBUKEquityFund
CFB Global Equity Fund|41,443
50,597|92,247
-|
|||15,873|CFB Corporate Bond|18,397|10,256|
|||11,471|CFB Property Investment|7,422|16,771|
|RobertDavies Bequest||1,393|CFB Managed Mixed Fund|7,004|7,315|
|Local Youth Club||7,340|CFB Managed Mixed Fund|36,906|38,542|
|Resthaven Trust||-|CFB UK Equity Fund|-|138,217|
|||-|CFB Corporate Bond|-|16,249|
|||-|CFB Property Investment|-|24,277|
|||||161,769|343,874|
|c) DESIGNATED|FUNDS|||||
|Sale Proceeds - Property Endowment||70,989|CFB UK EquityFund|1,435,114|719,691|
|||190,695|CFB Global Equity Fund|1,704,430|-|
|||532,601|CFB Corporate Bond|617,285|84,807|
|||386,373|CFB Property Investment|249,983|129,425|
|Leysian Mission Fund(15005A)||-|CFB UKEquity Fund|-|2,198,731|
|||-|CFB Corporate Bond|-|259,937|
|||-|CFB Property Investment|-|403,762|
|Museum of Methodism Fund||7,411|CFB UK Equity Fund|149,821|332,116|
|||20,813|CFB Global Equity Fund|186,027|-|
|||57,123|CFB Corporate Bond|66,206|39,102|
|||41,932|CFB Property Investment|27,130|58,919|
|||||4,435,996|4,226,490|
34
## WESLEY’S CHAPEL AND LEYSIAN MISSION
NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
|14.|14.|Fixed asset investments|(continued)|(continued)|||
|---|---|---|---|---|---|---|
||||||Market Value||
||Trustname|name|Units|Fund|2023|2022|
||||||£|£|
|d) GENERALFUNDS|||||||
||Various Bequests (13777)||53,790|CFB Property Investment|34,802|69,130|
||||29,030|CFB Global Equity Fund|259,472|-|
||||15,841|CFB Gift Fund|19,041|~|
||||11,025|CFB UK Equity Fund|222,881|376,295|
||||72,174|CFB Corporate Bond|83,650|53,262|
||||8,991|CFB Managed Mixed Fund|47,212|47,212|
|Local||Mission Fund (22316)|1,692|CFB UK Equity Fund|34,205|75,288|
||||13,007|CFB Corporate Bond|15,075|8,870|
||||8,949|CFB Property Investment|5,790|13,410|
||||||717,121|643,467|
|Total||investments|||5,672,690|5,769,007|
|15.||Analysis ofmovement in fixed asset investments|||||
||||||2023|2022|
||||||£|£|
|||Carrying value (market value) at beginning ofyear|||5,769,007|6,336,175|
|||Total additions to investment atcost|||2,908,837|-|
|||Total disposal proceeds|||(2,944,967)|(3,644)|
|||Net (loss) on revaluation|||(60,187)|(563,524)|
|||Carrying value (market value)|at end ofyear||5,672,690|5,769,007|
|es|i|D
ani|||||
||||||2023|2022|
||||||£|£|
|||Prepayments and sundry debtors|||50,670|147,905|
|||Legacy gifts receivable|||56,702|-|
|||||~~|||
||||||407,372|147,905|
|Te |||Bee|||2023|2022|
||||||£|£|
|||This has been valued at the lower of cost and|||||
|||net realisable value|||||
|||Museum shop stock|||10,247|9,456|
|18.||Creditors|||||
||||||2023|2022|
||||||£|£|
|||Amounts falling due within one|year:||||
|||Tradecreditors|||6,543|9,606|
|||Accruals & income in advance|||30,319|28,925|
|||Othercreditors|||1,864|2,424|
||||||38,726|40,955|
35
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
|19.|Unrestricted General Fund|||
|---|---|---|---|
|||2023|2022|
|||£|£|
||(a) Capital account|||
||Balance at 1 September2022|$812,122|5,247,639|
||Add/(Deduct):
Ministry & Mission (deficit)/surplus
Heritage (deficit)
(Loss) on revaluation ofinvestments
(Loss) on revaluation offixed assets
Funds reclassification|(150,964)
(39,363)
(8,047)
-
242,545|163,684
(54,329)
(58,262)
(140,000)
153,990|
||Balance at 31 August 2023|5,356,893|5,312,722|
||Capital account|5,356,893|5,312,722|
|||5,356,893|§,312,722|
36
## WESLEY’S CHAPEL AND LEYSIAN MISSION NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
**----- Start of picture text -----**
20. Statement of Funds
At 31 Aug Gain/(Loss) in At 31 Aug
Trust Name: Tst No: 2022 Income Expenditure Valuation _‘Transfers 2023
£ £ E E £ £
Unrestricted - Designated
Leysian Mission Fund (previously 15005 956,953 92,407 (2,727) 89,811 2,960,301 4,096,745
‘Property Proceeds Fund’)
Leysian Mission 15005A 3,000,212 21,185 (8,551) (125,976) (2,886,870) -
House & Museum 15005B 441,490 12,216 (1,258) (4,134) (10,958) 437,356
Total Unrestricted-Designated 4,398,655 125,808 (12,536) (40,299) 62,473 4,534,101
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- The Property Proceeds Fund, Leysian Mission Fund and House & Museum Fund were established with the proceeds from the sale of
the previous site held by the Leysian Mission at 112 City Road. These funds are to be used at the discretion of the Trustees for upkeep
and improvements to the property at 49 City Road, including the Chapel & Museum and also to continue the work of the Leysian
Missioner’s, The capital has been invested with TMCP and the income has been used during the current year to fund repairs and
maintenance of the Charity site and deliver programmes in line with Leysian Mission values. These funds have been reviewed during
the period and partially consolidated into fund 15005, now called ‘Leysian Mission Fund’.
Permanent Endowment
Mrs M A Grayson 11211 349,642 9,710 (996) 1,714 (138,714) 221,356
Other combined bequests 564 210,496 5,825 (600) (1,967) (5,225) 208,529
G Grosvenor & Cooper Trust 9,982 294 (28) (424) (424) 9,558
Total Permanent Endowment 570,120 15,829 (1,624) (677) (144,205) 439,443
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|-
The permanentendowmentfunds are invested byThe Trustees for Methodist Church Purposes. TMCP|act as a Custodian Trustee for|
|---|---|
|the permanent endowment funds, the management ofwhich is undertaken by the Investment Manager.|The capital cannot be spent,|
|however the income is available to assist the Charity carry out its mission and for local purposes as defined in the Methodist Church
Act1976.
-
Although theMrs MAGrayson trust 11211 is a ‘Permanent Endowment’, theTMCP Board passeda resolution under the Charities Act
2011 in 2018 with the result that the capital ofthe trust be available to be used for the general purposes ofthe Church Council. During||
|the year capital was transferred to general funds as part of an approved application to contribute to insurance payments, staff costs,||
|stipends, caretaking and upkeep ofthe gardens.||
|Restricted Funds||
|Circuit Advance Fund
18787
15
-
-
-|-
15|
|Gibbs Fund
18281
123,218
3,270
(346)
(1,277)|(3,022)
121,843|
|Resthaven
184,965
1,306
(1,804)
(7,939)|(176,528)
-|
|Kinnear Education Fund
31,509
1,250
-
-|-
32,759|
|JuniorChurch/Youth
67,249
1,116
(110)
(1,637)
Development|(1,027)
65,591|
|Other Funds
58,509
13,926
(30,802)
(311)|19,764
61,086|
|TotalRestrictedFunds
465,465
20,868
(33,062)
(11,164)|(160,813)
281,294|
- The Circuit Advance Fund relates to sale proceeds from Circuit assets, majority of which is to be spent in line with standing orders. - The balance of the Kinnear Education Fund is to be applied to support work at The Leys School, specifically around anti-racism and anti-bullying. The remainder is to be directed towards bursaries at Southlands College to benefit those who would otherwise not be able to continue higher education.
- The Gibbs Fund was created by the donation from the Gibbs Trust to be spent on the House & Museum. - The Resthaven Trust was previously classified as a restricted fund. This was reviewed and subsequently amalgamated during the period via a transfer to designated funds. This trust was consolidated with the other Leysian Mission trusts (15005 & 15005A) ensuring all funds are maintained together and held for the same purposes. General Funds 5,312,722 476,333 (666,660) (8,047) 242,545 5,356,893 Total Funds 10,746,962 638,838 (713,882) (60,187) i 10,611,731
3f
## WESLEY’S CHAPEL AND LEYSIAN MISSION NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
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20. Statement of Funds
(continued) At 31 Aug Gaini(Loss) in At 31 Aug
Trust Name: Tst No: 2021 Income Expenditure Valuation Transfers 2022
£ £ £ £ £ £
Unrestricted - Designated
Property Proceeds 15005 1,048,770 2,989 (2,989) (91,817) - 956,953
Leysian Mission 15005A 3,279,902 9,348 (9,348) (279,690) - 3,000,212
House & Museum 15005B 483,950 1,379 (1,379) (42,460) - 441,490
Beatrice Cannon 20026 108,641 310 (310) - (108,641) -
Total Unrestricted-Designated 4,921,263 14,026 (14,026) (413,967) (108,641) 4,398,655
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- The Property Proceeds Fund, Leysian Mission Fund and House & Museum Fund were established with the proceeds from the sale of the previous site held by the Leysian Mission at 112 City Road. These funds are to be used at the discretion of the Trustees for upkeep and improvements to the property at 49 City Road, including the Chapel & Museum and also to continue the work of the Leysian Missioner’s. The capital has been invested with TMCP and the income has been used during the current year to fund repairs and maintenance of the Charity site and deliver programmes in line with Leysian Mission values. - The Beatrice Cannon Fund was established in respect ofa share of her residue estate to be utilised for any purpose ofthe local Church.
## Permanent Endowment
|MrsMA Grayson|11211|383,336|1,093|(1,093)|(33,694)|-|349,642|
|---|---|---|---|---|---|---|---|
|Othercombinedbequests|564|230,784|658|(658)|(20,288)|-|210,496|
|Othertrustfunds||14,374|41|(41)|(750)|(3,642)|9,982|
|Total Permanent Endowment||628,494|1,792|(1,792)|(4,732)|(3,642)|570,120|
|-
The permanent endowmentfunds are invested byTMCP. The capital cannot be spent, howeverthe income is available to assist the
Charity carry out Its mission and for local purposes as defined in the Methodist ChurchAct 1976.
-
Although the Mrs MAGrayson trust 11211 isa ‘Permanent Endowment’, theTMCP Board passeda resolution underthe Charities
Act2011 in2018with the result that the capital of the trust be available to be used forthegeneral purposes of the Church Council.||||||||
|Restricted
Funds||||||||
|CircuitAdvance Fund|18787|15|-|-|-|-|15|
|Gibbs Fund|18281|134,473|747|(379)|(11,623)|-|123,218|
|Resthaven||202,099|1,133|(574)|(17,693)|-|184,965|
|Kinnear Education Fund||60,259|1,250|(30,000)|-|-|31,509|
|Junior Church/Youth||69,753|197|(117)|(2,584)|-|67,249|
|Development||||||||
|Other Funds||60,176|21,710|(27,386)|(491)|4,500|58,509|
|TotalRestrictedFunds||526,775|25,037|(58,456)|(32,391)|4,500|465,465|
- The Circuit Advance Fund relates to sale proceeds from Circuit assets, majority of which is to be spent in line with standing orders. - The balance of the Kinnear Education Fund is to be applied to support work at The Leys School, specifically around anti-racism and anti-bullying. The remainder Is to be directed towards bursaries at Southlands College to benefit those who would otherwise not be able to continue higher education. - The Gibbs Fund was created by the donation from the Gibbs Trustto be spent on the House & Museum.
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General Funds 5,298,018 732,908 (623,553) (202,434) 107,783 §,312,722
Total Funds 11,374,550 773,763 (697,827) (703,524) - 10,746,962
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38
## WESLEY’S CHAPEL AND LEYSIAN MISSION
## NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
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|||||||||
|---|---|---|---|---|---|---|---|
|21.|Analysis|of|net|assets|
|Endowment|Restricted|Designated|General|2023|
|Current year|Funds|Funds|Funds|Funds|Total|
|£|£|£|£|£|
|Tangible|fixed|assets|-|+|-|1,411,566|1,411,566|
|Investment|properties|-|-|-|3,020,701|3,020,701|
|Investments|357,804|161,769|4,435,996|717,121|5,672,690|
|Current|assets|81,639|119,525|98,105|246,230|545,499|
|Current liabilities|-|-|-|(38,725)|(38,725)|
|Total|net assets|439,443|281,294|4,534,101|5,356,893|10,611,731|
|Endowment|Restricted|Designated|General|2022|
|Prior year|Funds|Funds|Funds|Funds|Total|
|£|£|£|£|£|
|Tangible|fixed|assets|-|-|-|1,424,207|1,424,207|
|Investment|properties|-|-|-|3,020,701|3,020,701|
|Investments|555,176|343,874|4,226,490|643,467|5,769,007|
|Current assets|14,944|121,591|172,165|265,302|574,002|
|Current|liabilities|-|-|-|(40,955)|(40,955)|
|Total|net assets|570,120|465,465|4,398,655|5,312,722|10,746,962|
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## 22. Operating leases
Operating leases - lessee As at 31 August 2023 the charity was committed under non-cancellable operating leases to make the following annual minimum payments (at present value):
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|||||||
|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Printing|Equipment|
|Less|than|1|year|8,364|8,364|
|2|to|5|years|-|8,364|
|Greater than|5|years|-|-|
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The operating lease is in respect of printing equipment taken out with Siemens Financial Services for a period of 5 years. Total lease payments expensed during the year was £8,364 (2022: £8,364).
## Operating leases — lessor
As at 31 August 2023 the charity had agreed commitments as a lessor under non-cancellable operating leases to receive the following minimum receipts:
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Investment properties|
|Less|than|1|year|17,500|17,500|
|2|to|5|years|70,000|70,000|
|Greater|than|5|years|2,520,000|2,537,500|
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The above lease is for the Trinity House investment property behind the Chapel where the freehold is held by the Trustees for Methodist Church Purposes as custodian Trustees. The minimum base rent is £17,500 per annum. The lease was extended during the 2017 financial year to 155 years.
39
WESLEY’S CHAPEL AND LEYSIAN MISSION
NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023
23. Related party transactions The Charity considers its key management personnel comprise the Trustees and the ministers. No Trustee received any remuneration or benefits in their capacity as Trustee during the year (2022: none). The Ministers are Managing Trustees of the Circuit. In this capacity they are related persons receiving benefit. Their total employment benefits including employer pension contributions was £77,281 (2022: £73,858). This is paid direct to the London District of the Methodist Church as the ministers are employed by the Connexion.
The Charity contributed £14,582 during the year (2022: £13,943), representing 26.9% (2022: 26.9%) of the standard stipend as pension contributions for its ministers. This is paid to the London District of the Methodist Church for the Methodist Ministers’ Pension Scheme, which is a final salary defined benefit scheme. The Ministers occupy housing owned by the Charity.
In addition, two Trustees were reimbursed for travel and other out of pocket charity expenses amounting to £6,902 (2022: 2, £11,256).
There were no other related party transactions during the year (2022: none).
40